随着美元削弱，流动性指标的反弹和通货膨胀数据显示出微不足道的改善。尽管发生了这些积极的变化，Meme Coin曾经是这个牛市中最强大的叙述之一，但表现不佳，似乎没有恢复的迹象。

美国劳动力市场的加强导致2024年12月上旬的替代币市场达到顶峰。在20024年12月中旬，在美联储主席鲍威尔表示，由于特朗普政府关税政策的通货膨胀压力可能保持不变，BTC进入了合并阶段。

As the dollar weakens, liquidity indicators rebound, and inflation data shows minimal improvement, MEME Coin, which was once a major force in this bull market, continues to perform poorly, with no signs of recovery in sight.

随着美元削弱，流动性指标的反弹和通货膨胀数据显示，Meme Coin曾经是该牛市的主要力量，它的表现较差，并且没有恢复的迹象。

Inflation Pressures Lead to Global Market Reactions

通货膨胀压力导致全球市场反应

The strengthening of the U.S. labor market led to a peak in the altcoin market in early December. After Federal Reserve Chairman Powell hinted at the possibility of interest rates remaining unchanged due to inflation pressures from the Trump administration's tariff policies, BTC entered a consolidation phase in mid-December. While the Fed anticipates some inflationary impact from tariffs, the rapid and aggressive implementation of tariffs by Trump exceeded the expectations of most economists, setting off a chain reaction in both the stock and crypto markets.

美国劳动力市场的加强导致了12月初的Altcoin市场达到顶峰。在美联储董事长鲍威尔暗示由于特朗普政府的关税政策的通货膨胀压力而导致利率保持不变的可能性之后，BTC在12月中旬进入合并阶段。尽管美联储预计关税会产生一定的通货膨胀影响，但特朗普对关税的迅速和积极的实施超出了大多数经济学家的期望，从而引发了股票和加密货币市场的连锁反应。

Despite this week's U.S. inflation report showing a slight improvement over expectations, it failed to provide much comfort. The ongoing uncertainty surrounding trade policies continues to make the market pessimistic about the Fed taking any easing measures in the near term.

尽管本周的美国通货膨胀报告显示出对预期的略有改善，但它未能提供很多舒适感。围绕贸易政策的持续不确定性继续使市场对美联储在短期内采取任何缓解措施的市场感到悲观。

Clear Consolidation for MEME Coin, Significant Decline in Pump.fun Revenue

模因硬币的清晰合并，泵的大幅下降。

For MEME Coin, signs of consolidation are very evident. Since February, the price of Raydium (a liquidity provider for the Solana-based automated market maker and Serum decentralized trading platform) has plummeted by 71%, while Solana itself has dropped by 37%.

对于模因硬币，合并的迹象非常明显。自2月以来，Raydium的价格（基于Solana的自动营销商和血清分散交易平台的流动性提供商）下降了71％，而Solana本身已下降了37％。

Pump.fun is a decentralized trading platform (DEX) based on the Solana blockchain, which has become a popular platform for traders to quickly launch, discover, and speculate on meme coins. The platform supports the rapid creation and trading of tokens, often leading to extremely volatile market activity. Over the past 12 months, the Pump.fun platform has generated over $582 million in revenue, making it one of the most profitable crypto projects of this cycle. However, its revenue growth has recently declined sharply.

Pump.Fun是基于Solana区块链的分散交易平台（DEX），该平台已成为交易者快速推出，发现和推测Meme Coins上的流行平台。该平台支持代币的快速创建和交易，通常会导致市场活动极为动荡。在过去的12个月中，pump.Fun平台的收入超过5.82亿美元，使其成为该周期中最有利可图的加密项目之一。但是，其收入增长最近急剧下降。

Weakness in the Altcoin Market, Market Funds Become More Cautious

Altcoin市场的弱点，市场资金变得更加谨慎

The weak momentum in the altcoin market in December, together with the burst of the MEME Coin bubble in January, has seen the cryptocurrency market capitalization decrease by $1 trillion, moving from $3.6 trillion to $2.6 trillion. This redistribution of wealth may cause investors to become more cautious about making further investments, which could limit the rebound potential despite the better-than-expected inflation data.

12月，Altcoin市场的弱势势力以及1月的Meme Coin Bubble的爆发已经使加密货币市值减少了1万亿美元，从3.6万亿美元转移到2.26万亿美元。财富的这种重新分配可能会导致投资者对进行进一步的投资变得更加谨慎，这可能会限制超过预期的通货膨胀数据，这可能会限制反弹的潜力。

The closure of fully realized arbitrage positions by hedge funds has been a major driver of the recent selling pressure. This anticipated selling has largely been completed and may now be approaching its peak intensity.

对冲基金完全实现的套利立场是最近销售压力的主要驱动力。这种预期的销售已在很大程度上完成，现在可能正在接近其峰值强度。